Philips Lighting has become the first major multinational to buy renewable power in the Gulf Region using the I-REC standard that certifies its provenance.
The Dutch electronics giant bought power from the Mohammed bin Rashid Al Maktoum Solar Park in Dubai using I-REC, a global standard designed to authenticate renewable output in regions where no comparable scheme exists.
The deal between Philips and Dubai Electricity and Water Authority (DEWA) was hailed as another step forward for the growing market for renewable energy among corporate majors.
